Closing Gold & Silver Market Report – 2/27/2014

Peter LaTona

2/27/2014 4:16:00 PM

METALS CONTINUE TO REBOUND AFTER YELLEN COMMENTS

Precious Metals continued their rise through afternoon trading.  With foreign political tensions dominating headlines and recent data pointing to a weaker than expected U.S. economy, many investors are turning to Gold for portfolio support.  FuturePath Trading LLC trader Frank Lesh said in a telephone interview, “There is some safe-haven buying. The [U.S. Federal Reserve] clearly seems concerned about the economic conditions.”  Speaking on recent global political tensions, HSBC Securities Inc. analyst James Steel said in a note, “Heightened geopolitical risks as tensions in the Ukraine mount are supportive of Gold.  Should events in Ukraine deteriorate and involve neighboring countries, Gold could benefit from increased safe-haven demand.” 

The S&P 500 climbed to a record close after Fed Chair Janet Yellen mentioned the U.S. central bank will likely continue its current tapering pace while still monitoring the fragile economy.  Randy Frederick, managing director of active trading and derivatives at Charles Schwab, said, “Reduced tapering would be very negative to the market. We made a change in December to good news is good news.”

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,333.80, Up $3.80.
• Silver, $21.31, Up $0.01.
• Platinum, $1,455.10, Up $24.00.
• Palladium, $743.10, Up $9.90.

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